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What: Shares of Universal Display (NASDAQ:OLED) got crushed today by as much as 17% after the OLED specialist reported earnings.

So what: Revenue in the first quarter was $15 million, which translated into a net loss of $4.8 million, or $0.10 per share. Both figures either met or beat consensus estimates, which were perched at $14.4 million in revenue and a $0.10-per-share loss. However, investors may have been rattled by margin concerns.

Now what: Universal Display has begun shipping green emitter and host materials, which led to a big jump in commercial material revenues. The challenge was that gross margins on material sales declined from 90% to 76%. Host materials comprised a higher mix at 29% of material sales, which carry lower margins than emitters. Red emitter sales decreased due to cumulative volume discounts, and Universal Display also cited increased raw material costs. Iridium chloride is used in all of the company's emitters, which saw prices go up during the quarter. Fiscal 2013 revenue is expected in the range of $110 million to $125 million, unchanged from the forecast provided last quarter.

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